SCI set to open subsidiary in IFSC, GIFT City

MUMBAI : Shipping Corporation of India (SCI) is set to open a wholly-owned subsidiary in IFSC, Gift City, in Gandhinagar, Gujarat.

It has received a nod from Niti Aayog and the Ministry of Ports, Shipping and Waterways. In a regulatory filing to the stock exchanges on Thursday, SCI said, “The Company has received Letter No. J/07-06-2024/E&FII dated 12.06.2024 from NITI Aayog communicating their concurrence regarding in-principle approval for formation of wholly-owned subsidiary of Shipping Corporation of India Limited (SCI), a Navratna CPSE, at GIFT City.”

“It is further informed that the aforementioned proposal also has approval of the Ministry of Ports, Shipping and Waterways,” it added.

The Gujarat International Finance Tec-City (GIFT City) is India’s first International Financial Services Centre (IFSC) under the Special Economic Zone Act. A host of PSUs are setting up subsidiaries in GIFT City — IREDA, REC Limited, PFC, ONGC Videsh, LIC, Indian Oil, etc.